Is there any other (realistic) way of doing it though?
EDIT: I added realistic, as not just anybody can get venture capital or have rich friends/family willing to invest a little.
EDIT: I added realistic, as not just anybody can get venture capital or have rich friends/family willing to invest a little.
Yes: go slowly but stay within your means.
Whether this is a good strategy depends on the nature of the business and the people involved with running it.
Being broke and in dept, after your startup failed and you closed, it is not a good situation to be in.